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Fly News Breaks for February 21, 2020
Feb 21, 2020 | 08:15 EDT
Deutsche Bank analyst Tiffany Kanaga raised the firm's price target on L Brands to $29 from $24 and keeps a Buy rating on the shares. The analyst says her "so bad, it's good" thesis is playing out largely as anticipated after L Brands sold a majority interest in Victoria's Secret to Sycamore Partners. New Bath & Body Works CEO Andrew Meslow is well positioned to lead the business to "continued and uncommon" success in the mall, Kanaga tells investors in a research note. The analyst's sensitivity analysis demonstrates upside to shares into the mid-$30 range through extended double-digit growth trends.
News For LB From the Last 2 Days
Feb 26, 2021 | 09:54 EST
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. HP Inc. (HPQ) upgraded to Overweight with $35 price target at JPMorgan with analyst Paul Coster saying the company posted fiscal Q1 results well above expectations on work from home and remote learning demand across both PCs and consumer printers. 2. Elanco (ELAN) upgraded to Outperform from Neutral at Credit Suisse with analyst Erin Wilson Wright saying she has "incremental conviction" in its path forward to more consistent 3%-4% annual sales growth and "meaningful" margin expansion. 3. Carvana (CVNA) upgraded to Overweight from Equal Weight at Morgan Stanley with analyst Adam Jonas seeing Carvana being uniquely positioned to serve an automotive and transportation market that goes far beyond the used car market, contends that "describing Carvana as just a 'used car dealer' is like describing Amazon nearly two decades ago as just an online book seller." 4. Monster Beverage (MNST) upgraded to Outperform from In Line at Evercore ISI with analyst Robert Ottenstein saying he expects growth to benefit this year from a broad-based consumer recovery, but also the continued strength in residential construction and potential infrastructure spending, given that energy drinks, and Monster in particular, "over-index to construction workers." 5. L Brands (LB) upgraded to Overweight from Equal Weight at Morgan Stanley, upgraded to Outperform from In Line at Evercore ISI and upgraded to Neutral from Sell at Citi. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
Feb 26, 2021 | 09:34 EDT
Check out today's top analyst calls from around Wall Street, compiled by The Fly.  BEST BUY A... To see the rest of the story go to See Story Here
Feb 26, 2021 | 07:00 EST
As previously reported, Morgan Stanley analyst Kimberly Greenberger upgraded L Brands to Overweight from Equal Weight with a price target of $65, up from $45. The company's second half results fiscal first quarter guidance confirm that Victoria's Secret is hitting a profit inflection point and that Bath & Body Works could deliver higher profit than it has historically as it shows no signs of topline deceleration, Greenberger tells investors in a post-earnings research note. The company will be more profitable in 2021 "than it was for the last 5 years," argues Greenberger, who sees the improvement at the one brand and ongoing strength at the other offering "a clearer path to separation."
Feb 26, 2021 | 06:33 EST
As previously repoted, Evercore ISI analyst Omar Saad upgraded L Brands to Outperform from In Line with a price target of $75, up from $50. The company reported "surprisingly robust" margin expansion at Victoria's Secret, said Saad, who thinks "an important culture shift has begun at the company" that gives the brand "a much better chance to succeed." While Bath & Body Works has "evolved into an extremely attractive consumer discretionary business," according to Saad, "perhaps no brand has transformed its fundamental earnings power and outlook more over the course of the pandemic" than Victoria's Secret, the analyst argues.
Feb 26, 2021 | 06:02 EST
Evercore ISI analyst Omar Saad upgraded L Brands to Outperform from In Line.